International harmonization of accounting standards, and the question of off-balance sheet treatment.

I. INTRODUCTION

Determining whether a transaction, particularly a securitization, comes in assets leaving a balance sheet has newly proven to be one of the greatest in quantity challenging areas for accounting standard setter There are in a short time three approaches to this question. The Generally Accepted Accounting Principles of the United States (U GAAP) was the first to address the issue of off-balance sheet accounting and, in the absence of standards in other jurisdictions, became influential in Asia as well as in the pair South and North America. (1) The Generally Accepted Accounting